July 9 (Renewable Energies Now) – Daystar Power, a self-contained solar panel installer serving commercial and industrial customers in West Africa, has closed a $ 20 million (€ 16.9 million) credit line from the International Finance Corporation (IFC).
The company, which offers both Solar as a Service and battery-storage hybrid energy solutions, is investing in hybrid renewable energy projects in Nigeria.
“These funds will allow us to increase the installed capacity of solar projects and serve more Nigerian businesses in need of clean, affordable energy,” said Jasper Graf von Hardenberg, CEO and co-founder of Daystar Power.
Daystar secured $ 62 million in funding this year, including a final loan, $ 38 million Series B funding in January, and $ 4 million in funding for its Ghana subsidiary with DEG.
The company intends to increase its total installed solar power capacity to 140 MW by 2024. This will be achieved by increasing its client base in the financial services, manufacturing and agriculture sectors.
Daystar currently operates and operates 150 power plants in Nigeria.
(US $ 1.0 = EUR 0.845)